Global share indices tried to advance further on Tuesday into the end of quarter (end of the Japanese fiscal year) but have been unable to resume the bullish themes seen through latter March, last week. The subsequent hesitant setback over the past 24 hours may have reflected recovery fatigue, but also potentially a conclusion to … Continued
Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in-Chief for FXExplained.co.uk, the Academic Dean for The London School of Wealth Management, plus Senior Investment Advisor at Kylin Prime Capital.
At FXExplained.co.uk Steve is the Editor-in-Chief, alongside producing numerous articles for the site. The ability to be able to reach out to a wide, global audience with his own analysis and also assist and nurture other authors in their creative process makes this a role that Steve values deeply.
The Market Chartist
The Market Chartist was founded in 2012 and provides daily technical analysis reports, with written commentary and key support/ resistance levels to an institutional, professional and retail client base. The 30+ daily reports include European, UK and US Bonds & Equity Index Futures, G10 currencies, UK Natural Gas, TTF Gas, German Power, EUA Emissions and LME Base Metals.
As The Market Chartist, Steve has won many awards from the Technical Analyst Magazine. He was the 2016 & 2013 Winner (plus 2014 Runner Up) for Best Independent Fixed Income Research & Strategy and winner of Best FX Research & Strategy in 2012. He was also a finalist in the Technical Analyst of the Year category each year for 2012-2017.
Other Current Positions
Steve is also the Academic Dean for The London School of Wealth Management, a role he really enjoys. He appreciates the opportunity to be able to educate a diverse array of students in all aspects of the financial market’s world. Steve says “to be able to be a part of transforming an individual’s life through education is truly a privilege and very exciting”.
In his role as Senior Investment Advisor at Kylin Prime Capital, Steve supports and advises the investment management team by employing his extensive fundamental market experience, alongside his wealth of technical analysis knowledge. This allows him to add significant value to investment decisions.
Steve also writes extensively for numerous financial markets sites including: FxStreet.com, TechnicalAnalyst.co.uk, InsideFutures.com, BarChart.com, StockTwits.com, StockBrokers.com, AskTraders.com and Investing.com.
Previous to this, Steve was also a Senior Lecturer at The London Academy of Trading where he fully began his journey into the world of education. It was here that he honed his skills as a lecture and mentor in the world of financial markets education.
Vast Technical Analysis Experience
Steve has also helped technical analysis push into a new era in his previous role as Director at Vega Insight. Vega Insight is a relatively new company with a specific focus on Artificial Intelligence and Machine Learning in global commodity and broader financial markets, with special focus on Energy. In his role Steve was responsible for the technical analysis inputs to the Artificial Intelligence and Machine Learning.
Steve spent 2009-2012 as a Director in the Technical Analysis Research Strategy team at Credit Suisse. Steve managed the FX division, responsible for the reports, forecasts and bank wide research for G10 & Emerging Markets currencies. In this role he also covered all major asset classes including Equity Indices, Rates & Credit, plus Commodities.
Steve spent most of his career at Merrill Lynch for 15 years from 1994-2009. The last ten years was as a Vice President in the research department as a technical analyst, responsible for daily reports, client presentations, plus in-house and client education programs. Prior to this, Steve was in the Fixed Income derivatives sales team where he managed the Italian Futures desk (BTP and EuroLira) on LIFFE (the London International Financial Futures Exchange). He was responsible for a four-man sales team, who consistently produced high volume of sales from both in-house and external clients.
He is a Member of the Society of Technical Analysts (MSTA) and holds a Master’s degree in politics, Philosophy & Economics from Oxford University (Lincoln College).
A Euro dip versus the US Dollar to start the week, after EURUSD surged back higher last week. EURUSD has recouped much of the loss sustained through mid-March, during the panic buying of US Dollars. Despite this week’s early dip, we see this as corrective for now and see an upside theme resuming today, aiming … Continued
Macroeconomic/ geopolitical developments The COVID-19 coronavirus continues to spread globally, with the current epicentre still in Europe, but quickly shifting to the US. The British Prime Minister, Boris Johnson and Heath Secretary Matt Hancock have both tested positive for coronavirus (though symptoms are understood to be mild). The surge in cases in New York and … Continued
Global share indices advanced further Thursday, as we had flagged in our report on Tuesday with the US Senate passing the $2 trillion economic relief bill, which moves to the House on Friday. Stock averages have pushed up through numerous resistance barriers, to build on bases and confirm short-term recovery themes. We still do NOT … Continued
The surging US Dollar strength through mid-March has continued to reverse this week and over the past 24 hours. This has reflected an easing of global funding and credit concerns, as global central banks, particularly the Federal Reserve in the US, have acted to provide global liquidity for US Dollars. The corrective weakening of the … Continued
Global share indices rebounded further Tuesday, with the US Congress apparently in agreement on the $2 trillion economic relief bill Global stock averages have overcome through resistance levels, to form bases and signal a more positive outlook in the very short-term. This does NOT end the bigger bear market theme, but the threat has switched … Continued
The aggressive US Dollar strength of the past 1-2 weeks has begun to recede this week. This has been as equity averages have stabilised globally and begun to rebound, alongside commodity prices, whilst credit concerns have been eased by global central bank actions. This has seen a more negative, correction, a weakening of the US … Continued
Global stocks averages have rebounded overnight into Tuesday, despite the US Senate stalling on the $2 trillion economic relief bill Asian and European stocks have advanced through resistance levels, BUT are far from bullish US equity futures, however, remain under negative pressures having gapped lower to new bear cycle lows on Here we focus on … Continued
Gold as a safe haven Gold is usually seen as the ultimate safe haven, an obvious beneficiary during a flight to quality, when the global economic or geopolitical outlook is seen as particularly negative. Examples of a gold price surge during a flight to quality would be during the Global Financial Crisis (GFC) 2008-2009 and … Continued
Initial US Dollar weakness into early March The US Dollar weakened in late February-early March at the early stages of the coronavirus COVID-19 spread through Asia and into Europe. This was due to the fact that the Federal Reserve was seen as one of the few major, Central Banks that had a significant number of … Continued
Success in trading is always a challenge and can be difficult even with vast experience and a solid, structured training plan, that has been built over time and tested. However, when markets shift to a more volatile phase, even the most experienced trader or investor can find successful trading and investing extremely difficult. Here we … Continued
The COVID-19 coronavirus continues to spread, with a global surge in cases and the inevitable fatalities. The still more aggressive spread of the virus in the UK, across European nations and also throughout the USA has seen multiple countries go into some form of lockdown, with restrictions on public movement and work from home rules … Continued
Global stock averages have stabilised over the past 1-2 days, and despite probes to new bear cycle lows, markets have NOT displayed the bearish, capitulation-type activity seen previously through March. This “not going down” could be viewed as “the new going up”, though we are far from indicating that any sustainable bottoms are in place. … Continued
A thirst for the US currency given a funding and liquidity panic, plus as a safe haven flight to quality has seen the US dollar surge across all major currencies, even seeing the USD rallying against the usual go to safe haven, the Japanese Yen. In addition, partially due to the acceleration of the COVID-19 … Continued
An aggressive selloff by EURUSD over the past 24 hours, primarily reflecting US Dollar strength, with a thirst for the US currency given a funding and liquidity panic, plus as a safe haven in these times of crisis. The global US Dollar shortage has seen the US currency rallying against the usual, go to safe … Continued
Global stock indices tried to rebound on Tuesday amid various countermeasures to stabilise the global financial markets by global Central Banks and governments. However, this rebound has quickly stalled with moves back lower and share averages back close to the recent bear market lows. This leaves the threat lower into today and this week, though … Continued
An extremely aggressive selloff by Cable (GBPUSD) over the past week, primarily reflecting US Dollar strength, with the US currency being seen as a safe haven in these times of crisis. Not only is the US Dollar a safe haven, but an apparent global US Dollar shortage has seen the US currency even rallying against … Continued
The more aggressive spread of the coronavirus into other European countries outside of Italy, after the lockdown last weekend of 15 Italian provinces was extended to the whole of the country, was underscored by the World Health Organisation (WHO) now categorising COVID-19 as a pandemic. Spain is now on lockdown too, with many European nations … Continued
An extremely aggressive selloff by global stock averages Wednesday and overnight into Thursday reacting to ban on travel from Europe by the Trump administration. The major global share indices plunged lower to multi-year lows, through the troughs from Monday, to reinforce the bear moves seen from the gaps lower on Sunday night/ Monday morning. Here … Continued
A significant selloff in the past 24 hours for the British Pound Sterling versus the US Dollar, with GBPUSD wiping out much of the upside progress of the past week. This has primarily been due to a resumption of some modest, broad US Dollar strength, on hopes of a fiscal stimulus package from the US, … Continued
An extremely aggressive selloff by global stock averages to start the week, reacting to the lockdown in Italy, the state of emergency on New York and the oil price war. This saw the major global share indices gap lower on Sunday night/ Monday morning, with circuit breakers kicking in on the S&P 00 future and … Continued
The more aggressive, global spread of the coronavirus outside of China in early March has further increased concerns regarding a pandemic, notably with the spread of the virus in Europe and the US. The more aggressive spread in Italy, and the lockdown this weekend of 15 provinces in the country has highlighted the potential risks … Continued
A more bearish tone for global equity indices over the past 24 hours after a more erratic theme this week, as markets now shift back towards the late February “risk off” fear phase. This has seen the rebound and basing attempts that began March starting to be dismantled. The risk is for the current bear … Continued
An erratic tone for global stock averages this week, as markets continue to attempt a shift away from the late February “risk off” panic, with rebound and basing attempts to start March. This reflected the multilateral intervention by Central Banks in reaction to the threat to the global economy from the spread of the coronavirus, … Continued
An attempt to a shift away from the late February “risk off” panic with a rebound effort by equity markets to start March on Monday, after the plunge lower across global equity averages in latter February. This reflected anticipation of a multilateral intervention by Central Banks and Finance Ministers in reaction to the threat to … Continued
An extremely erratic recovery effort to start March for global equity averages. This has reflected increasing anticipation of a multilateral intervention by Central Banks and Finance Ministers in reaction to the plunge lower in stock markets around the globe with fears of the spread of the coronavirus. Here we focus on recovery attempts by the … Continued
The spread of the coronavirus outside of China has intensified global concerns regarding a pandemic, notably with the spread of the virus in South Korea, Iran and Italy. The spread in Italy, and the growing potential for a spread throughout Europe triggered far more aggressive, capitulation like activity across global financial markets, which are completely … Continued
Again, a very aggressive selloff in the past 24 hours for global stock markets as equity investors head for the hills, with buying of safe haven bonds. The driver remains fears of a significant the global economic slowdown from the wider spread of the coronavirus outside of China. Global equity averages are plunging through Q4 … Continued
Yet another aggressive selloff over the past 24 hours for global share indices as investors go into flight to quality mode, buying safe havens bonds. This continues to reflect fears for the global economy and corporate earnings with the global spread of the coronavirus outside of China. Global equity averages continue to plunge through support … Continued
Another aggressive selloff over the past 24 hours in global stock averages, with safe havens, bonds and the Japanese yen rallying again. This was again a product of growing worries regarding the global spread outside of China, of the coronavirus. Global stock averages have capitulated through key levels from Q1 2020 and even Q4 2019. … Continued
An aggressive selloff over the past 24-36 hours in riskier financial markets assets such as equities, with safe haven assets, notably bonds and gold rallying hard. This was driven mounting fears regarding the spread of the coronavirus, with Europe impacted, notably Italy. Stock averages were under bearish pressures across the globe with technical chart breakouts … Continued
Global financial markets remain fully focused on the coronavirus, with the spread outside of China becoming of growing concern, notably in South Korea and Japan. There has been shift in price action over the past week, however, as global stock averages continued to climb to new cycle and record highs, but at a slightly slowing … Continued
A significant selloff over the past 24 hours in riskier assets with safe haven assets benefiting. This was driven by technical chart breakouts amid growing fears regarding the spread of the coronavirus. Stock indices were under negative pressures, in the US, Asia and Europe, BUT intraday rebounds Thursday/ Friday leave a recovery threat into today. … Continued
A surge for USDJPY over the past 24 hours has reflected both the growing “risk on” theme and a technical breakout to a multi-month high. This has reinforced the US Dollar as “King”, with the US currency already braking to multi-year highs versus the Euro and Australian Dollar in February. The risk is now for … Continued
Global stock indices have staged resilient rebound over the past 24 hours, shrugging off the “risk off” tone from Monday-Tuesday after Apple’s (AAPL) negative guidance from the impact of the coronavirus. This recovery has been assisted by the number of coronavirus cases in China continuing to rise but at a still slower pace (according to … Continued
An erratic tone and a slight dip lower for the Pound against the US Dollar from the end of last week to start this week. But the more recent move Monday-Tuesday has been more a reaction to US Dollar strength after a modest “risk off” tone overnight after Apple (AAPL) warns on coronavirus impact. We … Continued
As we highlighted in last week’s Macro Watch, global financial markets remain fully focused on the coronavirus. Although markets remain on edge, the underlying theme of “risk on” continues to dominate, although punctuated by brief spells of “risk off” with quick, usually brief corrective moves. This was best highlighted last week when during an erratic … Continued
An erratic 24-36 hours for financial market assets, with a shift back to a “risk off” mode on Wednesday-Thursday with a leap in the coronavirus cases in the Hubei province, after a change in the counting methodology. However, markets quickly shifted back to “risk on” mode, as stocks rebounded, recouping losses. In fact, the major … Continued
The GBPUSD Forex rate has been probing higher in a corrective recovery theme this week, with slightly better data coming through on the U.K. economy. However, prior bearish technical signals still leave GBPUSD vulnerable to further losses into this week. GBPUSD day trade outlook: Negative tone A Tuesday-Wednesday rebound above 1.2969/79 resistances, but then stalling … Continued
The recent global risk on/ risk off theme since the eruption of the coronavirus has shifted to a more risk on bias recently, which seen global equities hitting multi-year and record highs, whilst broadly in the FX space, the US Dollar has stayed the strong currency, particularly within G3 (against the Euro and Japanese Yen). … Continued
Rightly or wrongly, but waning concerns regarding the spread of the coronavirus have seen the “risk on” theme full resume this week. This was after a setback in global stock indices and a move into safe havens last Friday after the US Employment report (despite it being stronger than anticipated). Monday has seen the major … Continued
Global financial markets remain fully focused on the spreading coronavirus, with a very erratic tone. As we highlighted in last week’s Macro Watch the global spread of the virus had seen financial markets in “risk off” mode for latter January and into early February with global stock averages plunging lower, whilst safe havens (like U.S. Treasury … Continued
The US Dollar has been broadly firm throughout the latest shift to a “risk on” theme for global equity markets through this week, for the start of February. This has seen GBPUSD accelerating, then grinding lower, particularly with mounting concerns regarding the difficulties that are posed by the trade negotiations with the EU, in a … Continued
Multiple positive signals for global financial markets over the past 24 hours, with fears regarding the spread of the coronavirus easing, rumours of a vaccine, China cutting import tariffs on US goods, and of less significance for markets, the US President surviving the impeachment trial. This has seen US and global stock surge over the … Continued
Global financial markets have been in a very volatile environment over the past 1-2 weeks since the outbreak of the coronavirus. Although the virus continues to spread and the death toll increase, with no significant escalation in the spread of the virus, markets have shifted into “risk on” mode over the past two days. In … Continued
The major global stock averages have been in a very volatile environment over the past 1-2 weeks since the outbreak of the coronavirus. Erratic news flow regarding the virus spreading, alongside mixed message from authorities have caused the all asset classes to flip between “risk on” and “risk off” modes. Also, the US earnings season … Continued
Global financial markets are now fully focused on the new geopolitical threat, the spreading coronavirus, with the Chinese New Year holiday extended into this week to try to assist in containing the virus. The global spread has broadly seen markets in “risk off” mode, seeing global stock averages plunge, whilst safe havens like US Treasury … Continued
Global stock averages have been under negative pressures all week from concerns regarding the coronavirus. However, the downside forces were eased late yesterday after global share indices rebounded after the World Health Organisation painted a less negative picture on the coronavirus than had been expected. Although the outlook for stock indices remains for potential further … Continued
The Monetary Policy Committee (MPC) of the Bank of England (BoE) meet today to decide on interest rates. There is growing expectation for a rate cut, with the market going into this meeting with uncertainty. However, from recent comments from MPC members, it is clear this vote will be closer than recent meetings. Even if … Continued
After the global “risk off” shift due to the spread of the coronavirus Friday-Monday, a strong “risk on” rebound was seen across asset classes Tuesday. This was partially driven by position squaring into the Federal Reserve interest rate announcement today, plus hopes that the coronavirus may not be spreading as quickly as feared, alongside talk … Continued